Earlier this month, traders were told to "expect fireworks" by analysts David Brickell and Chris Mill, who wrote in their newsletter that they see the bitcoin price hitting fresh all-time highs thanks to China unleashing "a tsunami of liquidity" alongside Federal Reserve interest rate cuts.

Cryptocurrencies sharply rebounded on Friday from the previous day's lows with bitcoin {{BTC}} retaking $63,000 as investors quickly shrugged off

China vowed to "significantly increase" its debt to support its economy on Saturday but provided no details on the size of its stimulus.

Bitcoin climbed to the highest level in two weeks as a mixed reaction to China’s latest stimulus efforts emboldened wagers that speculators will chase after cryptocurrencies rather than the nation’s stocks.

Indeed, China’s attempt to rejuvenate its economy has boosted interest in riskier assets like bitcoin and altcoins – cryptocurrencies other than bitcoin – as traditional stocks face skepticism. Bitcoin's $65,